When working in the medical industry, approving a claim application on time and getting complete revenue can be a daunting task. It requires many struggles, time, and effort to collect revenue from the payer, but sometimes your efforts go wasted when all of a sudden your claims are rejected. That’s where revenue cycle management consulting […]
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AAPC (American Academy of Professional Coders) is an institute that produces medical coders and helps them make their careers in the revenue cycle management industry. This academy offers an AAPC coder certification which you can take to kick-start your career in medical coding and earn a handsome income. Salient Features Of An AAPC Coder Exam
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Every industry aims to enhance its revenue generation, and healthcare is no exception. Many strategies have been implemented in cash flow processes to generate as much revenue as possible, one of them is the revenue cycle management process (RCM). This approach entails a cycle starting from the patient appointment booking to the collection of reimbursement.
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Did you know that the average healthcare organization loses $100,000 per month due to inefficient billing operations? That’s why conducting RCM management is so important for healthcare organizations of all sizes. RCM or revenue cycle management is used extensively in the healthcare sector where it helps generate revenue through a streamlined process. It facilitates a
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The healthcare revenue management method has been in operation specifically in the US for many years. The process manages the entire revenue generation of healthcare facilities. The cycle includes revenue production and tracking of patient bills, claim submission to insurance providers, and rectification of any objection made by the payer to get the reimbursement. But
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If your health sector employs medical billing regularly, you might have encountered claim denials in some of the applications. That of course results in revenue loss and a lack of motivation to operate efficiently. In order to get every claim approved by the government or private organization, there is a strategy called AR recovery. That
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Where medical billing has become an essential part of hospitals, many companies have started offering their RCM services to help hospitals manage the entire RCM cycle. Hospitals too found these firms a viable option for RCM as they can focus on other health areas instead of struggling to approve their claims. One of these companies
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Medical revenue cycle management process involves the revenue reimbursement to healthcare providers in return for their services, either from the government or either from private organizations. The process helps medical facilities generate revenue through efficient RCM management. RCM also ensures to remove any defect that can lead to a claim denial or eventually revenue loss.
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Do you know that every 1 in 5 medical claims are denied? That means that if you file a claim, there is a 20% chance that it will be rejected. And even if your claim is legitimate, there is still a chance that it will not be paid. Claim denials are one of the biggest
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In recent years, the rate of denied health revenue claims has been on the rise. According to data of denial management in medical billing, around 23% of health revenue claims are denied, which is the highest rate in the previous 4 years. The reason behind this can vary. But one of the most common factors
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